User ID
Password
  Forgot User ID
or Register Today!
VegasInsider.com
Follow Us on Facebook Follow Us on Twitter Follow Us on Google+ VI Mobile Scores and Betting Odds
Home
NFL
NBA
NHL
MLB
NCAA FB
NCAA BK
Golf
Auto
Horses
Soccer
Boxing/MMA
More
Betting Tools

 
Arkansas' Smith faces creditors in bankruptcy case

FAYETTEVILLE, Ark. (AP) - An attorney for Arkansas coach John L. Smith said Friday that a computer error in his bankruptcy case is behind what appeared to be a huge jump in his debt.

Advertisement
Smith's initial Chapter 7 filing in September listed $25.7 million in debt. He later amended that to $40.7 million, blaming land deals gone bad in Kentucky. Attorney Jill Jacoway, speaking during a hearing in U.S. Bankruptcy Court, said the computer error resulted in her assistant listing $25.7 million in debt. She said the error resulted in a rough draft being filed rather than a completed one.

``We cussed out our computer provider,'' Jacoway said. ``We cussed out our computer guys.''

Smith was accompanied by wife Diana and Jacoway during the hearing at which he was asked by trustee John Lee about any possible assets he might have, including any possible inheritance from his parents and brother Bart, who passed away Sept. 17.

Smith, who said a counter-suit was still possible against one of his creditors, was also asked by attorneys for his creditors about the listed value of several of the land-development companies in which he was a partner.

``I've been out of the loop with my partners for over three years, so I don't know any of the account details of any of the LLCs and what has taken place,'' Smith said. ``I have not been in the loop.''

The former Michigan State and Louisville coach is trying to wipe away his debt and hang onto $1.2 million in retirement accounts and some personal property, all while coaching Arkansas in the wake of the Bobby Petrino scandal. Petrino was fired in April following revelations he had hired his mistress to a position in the athletic department, and Smith was hired to replace him two weeks later.

Smith, who declined to comment after Friday's meeting, told The Associated Press about his pending bankruptcy in July and Arkansas athletic director Jeff Long said he was aware of Smith's financial problems when he hired him.

The Razorbacks (2-4, 1-2 Southeastern Conference), who host Kentucky (1-5, 0-3) on Saturday, have struggled this season. They have gone from a preseason top 10 team to one just hoping to earn a bowl berth.

Terry scheduled another meeting Friday for next month between Smith and his creditors, but Jacoway said any disputes could be worked out between the lawyers and Terry before then.

``It's possible that John L. Smith will never see a judge,'' Jacoway said. ``It is very possible that everything is worked out, that everything is A-OK.''

Jacoway said the coach's bankruptcy case could last as little as 90 days or up to two years.

AP NEWS
The Associated Press News Service

Copyright 2016
The Associated Press
All Rights Reserved

  
HEADLINES
Edwards: Pac-12 Predictions
Rogers: Week 1 Records - Power 5
Edwards: Big Ten East Predictions
ASA: Big 12 Best Bets
BetOnline.com: SEC vs. the Field
ASA: Big Ten East - Best Bets
Lawrence: 2016 Sun Belt Preview
ASA: Big Ten West - Best Bets
Nelson: Big Ten Betting Outlook
MORE HEADLINES
 
Why Buy Picks From VegasInsider.com
NCAAFB College Football Handicapper Sports Picks Records
NCAA FB College Football Expert Picks
2015 CFB SEASON PICK RECORDS
Money Leaders
Handicapper Money
Bruce Marshall + 2379
Scott Pritchard + 1370
Marc Lawrence + 1207
Last Week's Leaders
Handicapper Money
No Games Last Week  
   
   
Percentage Leaders
Handicapper Pct
Scott Pritchard 64 %
Paul Bovi 58 %
Marc Lawrence 58 %
Guaranteed Leaders
Handicapper Money
Greg Smith + 1775
Kevin Rogers + 1190
Brian Edwards + 856
Over-Under Leaders
Handicapper Money
Joe Williams + 1596
James Manos + 1448
Kyle Hunter + 1332
Member Leaders
Handicapper Money
Antony Dinero + 2072
Bruce Marshall + 1842
Paul Bovi + 1307
MORE PICK RECORDS
  
corner graphic
With a VI Gold Membership, you can SAVE 10% off a Live Odds subscription, SAVE 20% off Daily Pick packages, and receive access to up to 1,000 Member Plays each month!
VI Gold Membership